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Old 08-19-2008, 12:12 PM
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What knowledge should Taxpayers expect from an ERPA with respect to Pension Plans?

The IRS has stated that an "ERPA must be knowledgeable in two areas: the Tax Code requirements that apply to qualified plans, and the ethical requirements under Circular 230 for practicing before the IRS."

Furthermore, an ERPA must have a working knowledge of:

1. Plan document requirements;

2. Plan operation and administration;

3. Filing requirements (Form 5500); and

4. IRS programs (e.g., Determination Letter program, EPCRS).

Taxpayers will be expecting a strong degree of competency from an ERPA designated person in the areas outlined above.

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